Tasman moves offices

Trans Tasman Properties has moved its New Zealand offices out of Auckland's CBD and to the waterfront.

The company left Dorchester Tower on Shortland St for level six of the much newer Alcatel House at 12 Viaduct Harbour Ave.

Executive chairman Don Fletcher said this was a more appropriate location because it was closer to the development community.

Commenting on the company's Asian property portfolio, he dismissed currency shifts that had made Asian deals look worse in New Zealand dollars.

"We're not day-traders in currency," he said. In Hong Kong, purchase prices had shown marked increases in Hong Kong dollar values.

"The currency has gone against us - the New Zealand dollar has strengthened against the Hong Kong dollar since we bought, so the valuation gains have been wiped out by that short-term change.

"But we're delighted with our Hong Kong investments because we take a five-year view of the property cycle," he said, predicting an eventual softening of the local currency.

Trans Tasman paid HK$38 million ($6.72 million) for a retail shop in Causeway Bay on Hong Kong Island. It now values the shop at HK$50 million.

The company paid HK$555 million for a 2ha development site in Sha Tin in the New Territories and now values its investment there at HK$600 million.

Its 2250sq m development site in Sun Po Kong in the New Territories was bought for HK$566 million but is now valued at HK$610 million.

The company paid HK$182 million for its development site in Wanchai on Hong Kong Island and now values it at HK$195 million.